India's insurance penetration falls to 3.7% in fiscal year 2024

India's insurance penetration fell to 3.7% in fiscal year 2024, down from 4% in FY23. Life insurance penetration decreased to 2.8%, while non-life insurance remained unchanged at 1%. This marks the second consecutive year of decline. Despite the drop in penetration, life insurance premium income grew by 6.1% to ₹8.3 lakh crore, mainly driven by private sector growth. Non-life insurance premiums increased by 12.8%, fueled by health and motor insurance. Global insurance penetration rose to 7% in 2023, contrasting with India's decline. Per capita premium slightly increased from $92 to $95, indicating a rise in insurance density despite the overall decrease in coverage.